DBRS Publishes Updated North American CMBS Interest-Only Certificates Methodology

DBRS published an updated version of its “Rating North American CMBS Interest-Only Certificates” methodology, which describes its approach to rating interest-only certificates (IOs) within single-asset/single-borrower transactions and multi-borrower transactions.

The update gives additional guidance as to when an IO rating would be discontinued-withdrawn when transactions are winding down or a dimunitive cash flow stream remains to the IO.

DBRS has conducted a periodic review of “Rating North American CMBS Interest-Only Certifications.” This update supersedes the previous version published January 2018 and is effective as of January 14, 2019. DBRS deems the update not to be material and has determined that no ratings are expected to change as a result of this update.

Notes:
DBRS methodologies are publicly available on its website www.dbrs.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.